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Monday, November 23, 2020

Expenses to Expect When You’re Expecting

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They say that being prepared is half the battle.
 
While we wouldn’t normally liken having a baby to a battle, being fiscally aware—and prepared—now can save you some sticker shock down the road. There are a number of online calculators than can help you estimate the cost of your new baby relative to your specific needs. But before you start punching in numbers, use our primer to get familiar with the cost of key baby items.
 
The nursery. Standard cribs begin in the low $200 range and can go up as high as a couple thousand dollars. Average is around $600–$700. You’ll need to outfit the crib with a mattress and bedding, which can run around $100 and $250, respectively.
 
Car seat. This is a must-have, as you are not permitted to leave the hospital without one. Plan on a couple hundred dollars, and keep in mind that you’ll need to upgrade to a toddler or booster seat eventually.
 
Stroller. On that note, your stroller cost will depend on whether you spring for the stroller-car seat combo or a basic stroller. Beginning around $100, strollers can also run upward of $500. You may also want to invest in a single or even a double jog stroller, which adds to your expenses.
 
Formula and food. Breastfeeding has many advantages, including the fact that it will save you money on formula. If you decide to breast feed, plan on investing in a breast pump. Nice ones run around $200. Starter formulas run around $25 per 23 ounces.
 
Diapers. Nobody really yearns for the days of cloth diapers, but they did save people money. Some estimates claim disposable diapers can run around $700 per year.
 
As part of your planning process, be sure to evaluate your insurance needs. Ultimately, you’ll be protecting your most important investment. 
 

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